“Financial services is still an industry that’s in flux after the shift from human interactions to the digital world,” Young said. “They still rely heavily on off-line interactions through bank branches, investment advisers or insurance agents to drive most of their sales. But what the leaders show in this report is that digital maturity is attainable. Financial services institutions, in many cases, are struggling with excelling in digital, but it can be done. Unlocking the value of digital and driving significant digital sales is possible.”
Generally speaking, most companies across the FSI spectrum said they plan to increase their digital investments in the year ahead. Retail banking respondents are most likely to do so (76%), ahead of insurance (71%) and investment firms (65%).
Across the board, FSI respondents said they see the greatest impact on their digital maturity advancement from multichannel analytics that blend online and off-line data, according to the report. FSI digital leaders, however, are further along in their journey to deliver personalised customer experiences—one of the reasons they are ahead of the competition.
Indeed, the financial services industry is beginning to invest more into its digital foundation, with more companies using data management platforms (DMPs), marketing attribution tools, marketing automation technology and multichannel analysis solutions. However, large gaps in adoption exist between mainstream companies and digital leaders.
“We looked closely at the types of technology responders are using today and saw some big differences between what the leaders were using and what mainstream, in many cases, were not using,” Young told CMO.com. “And those were things like data management platforms, attribution and multichannel analytics. These are technologies or capabilities, inherently, that enable greater precision in targeting and personalisation. All the benefits that the leaders are expressing are backed by more advanced capabilities.”